LIC receives GST demand order of about Rs 95 crore for Uttar Pradesh

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Price reactionminutes from the announcement price · days from the prior close

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₹424.35

prior close

₹426.05

announcement price

After-mkt

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Nifty Midcap 150market+1.2%-1.2% vs market

Life Insurance peers, median of 5sector+1.7%-1.7% vs sector

On the reaction day the stock moved 1.2 pts less than Nifty Midcap 150 and 1.7 pts less than its Life Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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Reaction day

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Next day

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UpDownMarket · Nifty Midcap 150Sector · Life Insurance peers, median of 5Pending

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AI summary

LIC has received a demand order from Commissioner Appeals CGST and Central Excise, Allahabad for GST, interest and penalty for Uttar Pradesh covering FY 2018-19 to 2020-21. The GST demand is Rs 95.24 crore with an equal amount as penalty, plus interest as applicable. The reason cited is excess ITC claimed and short tax paid. The order is appealable before the GST Appellate Tribunal. LIC states there is no material impact on its financials, operations, or other activities.

Likely market impact

Tax demand of about Rs 95.24 crore plus equal penalty and interest, but LIC says no material impact as it plans to appeal.